Sensex slumps over 400 points, Nifty below 10,200 on global sell-off
The Sensex on Thursday slumped over 400 points to fall below the 34,000-mark in early trade, largely in sync with meltdown at other Asian markets following overnight losses at the Wall Street and fresh weakness in the rupee.
While the Sensex touched an intra day low of 33,553 down 480 points, Nifty fell 145 points to 10,079 level.
Vedanta (4.46%), Adani Ports (4.06%), and Bharti Airtel (3.69%) were the top Sensex losers.
Of 30 Sensex stocks, 21 were trading in the red.
Meanwhile, the rupee fell 12 paise to 73.28 against the US dollar in early trade today amid unabated foreign fund outflows. The currency which closed at three week high of 73.16 against the US currency yesterday opened lower at 73.33 level today.
The currency is down over 14% since the beginning of this month.
Brokers said negative cues from other Asian bourses after US markets plummeted Wednesday as a sharp drop in tech shares and worries about corporate earnings, triggered sell-off on the domestic exchanges.
Wipro (3.19%), TCS (0.78%) and M&M (0.57%) were the top Sensex gainers.
Mid cap and small cap stocks also took a beating with the indices falling 1.19% and 1.42%, respectively.
Market breadth was negative with 630 stocks closing higher compared to 1613 falling on the BSE.
Asian shares skidded on Thursday after another torrent of selling on Wall Street sent the Dow Jones Industrial Average plummeting more than 600 points, erasing its gains for the year.
Japan's Nikkei 225 index sank sharply on the open. By early afternoon it was down 3.3 percent at 21,369.48. The Shanghai Composite index slipped 1.4 percent to 2,566.21 and Hong Kong's Hang Seng index skidded 1.8 percent to 24,794.60.
The S&P 500 lost 3.1 percent to 2,656.10 and has lost about 9.4 percent from its Sept. 20 peak. The Dow tumbled 2.4 percent to 24,583.42. The Russell 2000 index of smaller-company stocks gave up 3.8 percent to 1,468.70 and is down 4.4 percent for the year.
Disappointing quarterly results and outlooks are stoking investors' jitters over future growth in corporate profits. Bond prices rose, sending yields lower as traders sought safe-haven investments.